Crude oil has been one of the most important natural resources since 1856, which was the first time a world refinery was constructed. However, the problem associated with trapped oil in the reservoir is a global concern. Consequently, Enhanced Oil Recovery (EOR) is a modern technique used to improve oil productivity that is being intensively studied. Nanoparticles (NPs) exhibited exceptional outcomes when applied in various sectors including oil and gas industries. The harshness of the reservoir situations disturbs the effective transformations of the NPs in which the particles tend to agglomerate and consequently leads to the discrimination of the NPs and their being trapped in the rock pores of the reservoir. Hence, Electromagnetic-Assisted nanofluids are very consequential in supporting the effective performance of the nanoflooding process. Several studies have shown considerable incremental oil recovery factors by employing magnetic and dielectric NPs assisted by electromagnetic radiation. This is attributed to the fact that the injected nanofluids absorb energy disaffected from the EM source, which changes the fluid mobility by creating disruptions within the fluid’s interface and allowing trapped oil to be released. This paper attempts to review the experimental work conducted via electromagnetic activation of magnetic and dielectric nanofluids for EOR and to analyze the effect of EM-assisted nanofluids on parameters such as sweeping efficiency, Interfacial tension, and wettability alteration. The current study is very significant in providing a comprehensive analysis and review of the role played by EM-assisted nanofluids to improve laboratory experiments as one of the substantial prerequisites in optimizing the process of the field application for EOR in the future.